sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
Direct Tax »
 Top 3 post office schemes with income tax benefits for you
 CBDT issues draft notification for amending computation of interest income
 Claim home loan interest for tax deduction from rental income
  CBDT notifies new communication scheme
 CBDT proposes changes to three IT forms, seeks public suggestions
 CBDT proposes amendments to three IT forms, invites public suggestions
 Income tax returns filing: This is what taxpayers must mention
 CBDT dedicates fortnight for pending appeal effect
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 CBDT marks Jun 1-15 for expeditious disposal of pending appeals
 Special provisions of the Income Tax law: Are all incomes created equal?

I-T Dept fails to meet FY10 direct tax target
April, 16th 2010

The FY10 all India direct tax collections saw a significant shortfall of Rs 9,000 crore. This is expected to widen the fiscal deficit at a time when the Finance Ministry is yearning for much-needed revenue flexibility. Media reports on what hit the collections.

According to government sources, there are five significant reasons that have contributed to this revenue shortfall.

First, there were huge refunds of Rs 22,000 crore issued in financial year 2009-10 as against Rs 12,000 crore last fiscal. Second, tax deducted at source (TDS) rate deductions in October hit TDS collections.

Third, pending demands are locked in dispute resolution. These demands are in excess of Rs 6,000 crore. The Income Tax Department is unable to finalise assessments on pending demands.

Fourth, with the government not issuing oil bonds or subsidies in FY10, payments from oil marketing companies have been hit. Finally, lacklustre fourth quarter advance tax from foreign banks also led to the shortfall.

The all India direct tax shortfall for FY10 stands at Rs 9,000 crore. All India collections for FY10 stands at Rs 3,78,000 crore against a target of Rs 3,87,000 crore. The shortfall in the Mumbai circle itself stood at Rs 6,000 crore.

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Achievements

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions